China implements new strict controls on Cryptocurrency

[BitAssetUS]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

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[avikz]

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

[Astvile]

This just proves that China is taking blockchain technology and cryptocurrencies seriously, they are implenting laws concerning cryptocurrency. Soon we will see China is a really big country and will really help the whole blockchain technology to gey promoted and be utilized by many other countries.

[joinfree]

China has never been soft with the use of cryptocurrencies in their country so it's off no news that they would further strengthen the rules and regulations concerning cryptocurrencies. However let's not relate proportionally the price of bitcoin to the upcoming developments in China. I don't know how China plans to fully utilize the features of the blockchain technology without any digital currency.

[tsaroz]

China has unrealistic aims. It was peace and prosperity without individual freedom and it wants to develop and lead in blockchain technology denying the real cryptocurrencies.
Needless to say they'll fail in both of their aims unless they correct them early. Bitcoin can prosper without Chinese government.

[chaoscoinz]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

I'm not quite sure if this could be considered as either positive or negative news. The Shanghai headquarters seems to be in good spirits with this promotion, even it it seems like an attempt to profit in on the increased amount of speculation. Either way, whether good or bad, it's a very smart and strategic move. Maybe other countries will follow within similar footsteps, because it seems like Blockchain tech has taken the world by storm. I'm quite sure nobody wants to be left behind on the innovation, not even the governments.

[fuguebtc]

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

Sooner or later every government has to do that. In my view cryptocurrency is no way beneficial for governments and centralized financial institutes like banks.
Banks have already started movement againest decentralized cryptocurrency aka BTC.

[educart]

Currently, cryptocurrencies are owned and traded by no more than 5% of the total population of the planet. I am not a forecaster, but I see that the bulk of people react like "we heard about it, but don’t understand." What kind of mass adoption is it? China will begin with its society to introduce technology so that people can control it. These are the most high-tech sectors of the economy. It remains for us to either swallow dust to follow them or try to rise to a level that will fill the shortage of specialists for this industry

[educart]

That is exactly what the head of China said. Everyone should pay attention to blockchain and education. Otherwise, no progress. If you would like to study in more depth the financial methods of making money on cryptocurrencies and the use of blockchain technologies, then try the taklimakan network. Because people who will be well versed in crypto will be missed for a long time, and for you this is a chance to show your knowledge and get excellent opportunities

I'm less concerned about whether China will be a conductor of blockchain technology or not, like other countries. It would be better if instead of irrational competition, China and the United States, since they are the leading countries of the world, think about solutions to expand the new technology. But here we still come to simple mercantile tasks, China wants to promote the yuan, and the US dollar. Although fiat currencies should have already begun to be replaced by digital

[Shenzou]

Well for a long time crypto has been making an impact on the Chinese market, that most mining and exchanges companies favored it, and due to how popular the crypto is there the government saw how their currency would start to fall behind so they started taking actions, from  setting strict regulations and threatening to ban it , to creating their own centralized cryptocurrency, i feel like china is the first and other governments will do the same in the near future, because if you can't beat them join them.

[Lizzylove1]

China is free to deal with illegal cryptocurrency activities, but they should leave bitcoin traders alone and let them do their legitimate trade and investment without any harassment. Bitcoin runs on blockchain, and bitcoin made blockchain popular before other event started been birthed on the blockchain. So blockchain and cryptocurrency are interwoven when we speak of a truly decentralized system.

[AliMan]

China has taken the right step looking at the future! The Chinese government is aware of the risks related to cryptos and decentralization! They are aware that serious financial frauds can be organized using cryptos and hence they want to roll out strict regulations to prevent such misconducts from happening! That makes sense!

However, don't link the current downfall with this announcement! Such news may have affected botcoin's price to a certain extent but not entirely! There are other things that might have played their part as well! Don't forget about upcoming black friday and Christmas!

Sooner or later every government has to do that. In my view cryptocurrency is no way beneficial for governments and centralized financial institutes like banks.
Banks have already started movement againest decentralized cryptocurrency aka BTC.

Yes, bank owners have to purse those legalities and tries to pull down Bitcoin's economy, and they're more like cry babies who lies on government side which I think biased scenario.
Despite of that possibilities, the people still remain strong and decisive with their principles because bitcoin was really a sustainable kind of asset. With issues on illegalities, I think more Chinese people is doing a lot of crimes involving fraud and scams which they usually do using fiat money, and now starting to divert for cryptocurrency bitcoin like scam investments.

[blckhawk]

I still don't think it is the sole reason of the recent dump in prices. I just see manipulators taking advantage of such negative news to spread FUD in the community, making investors think that it would continuously go down because of initial artificial sell-off and panic. Good thing is that we had now another support level and things go upward reversal recently, hitting nearly $7,200 after 8 hours from its lowest on approximately $6,547.

[zviadits]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

China really wants to promote its national cryptocurrency. That's why we see such statements about possible penalties and the prohibition of another cryptocurrency. This is a very bad sign for the market, since China occupies a large part of the crypto market

[DabsPoorVersion]

I still don't think it is the sole reason of the recent dump in prices. I just see manipulators taking advantage of such negative news to spread FUD in the community, making investors think that it would continuously go down because of initial artificial sell-off and panic. Good thing is that we had now another support level and things go upward reversal recently, hitting nearly $7,200 after 8 hours from its lowest on approximately $6,547.

That is another thing, but the core of it is after this news was spread through crypto space (we can't deny but we have witnessed it with our both eyes), bitcoin price suddenly goes down and yes manipulators will surely taking advantage of this to give an advantage to themselves.

[icewitch0612]

This is the wrong policy for China regarding cryptocurrencies, they should stop.

[peter0425]

The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology. As soon as the news came out, Bitcoin’s market was also affected by it. It recently broke through the $7,000 level and continued to go down.

the market reaction is normal because we already knew about the manipulators that waiting for a chance to take some cash instantly.

but for me?this action from Chinese government means they are serious in their support to crypto,what they only want is the clarity of the flow because we also knew the illegal businesses that wanted to use crypto as their way to bag money.

This is the wrong policy for China regarding cryptocurrencies, they should stop.

mind to tell us why this become a wrong policy?when they are only monitoring illegal activities?

[BITCOIN4X]

~snip

We just cant be sure why bitcoin prices are dumping.  Because Chinese news? I think the scale is quite small and not enough to reduce the price of bitcoin right now because China is just a country. There are no fundamental factors at this time, in which international governments adopt policies regarding bitcoin.

We often hear market manipulation where whales deliberately drop the price of bitcoin and take advantage of the panic of investors and traders.
Relax, and finally i am sure the decline in the price of bitcoin is now a normal cycle where bitcoin will soon halving.

[Mr. Spasybo]

China is planning to launch its own cryptocurrency, which the government supports dozens of blockchain companies. They are just trying to influence Bitcoin so that their cryptocurrency can take a share of the market and capitalization.

[k@suy]

China is planning to launch its own cryptocurrency, which the government supports dozens of blockchain companies. They are just trying to influence Bitcoin so that their cryptocurrency can take a share of the market and capitalization.

Yes! I heard the news that they are going to lunch their own. We know that chinese know for their patriotism, when they will release their own blockchain technology expect that some chinese bitcoin and altcoin trader will switch to their local technology and they will switch with their trades.